Snappy Group lands Virgin Money debt facility as grocery GMV tops £150M
What's the deal? Dundee-founded retail technology company Snappy Group has secured a seven-figure venture debt facility from Virgin MoneyDealroom has a profile for this one. Try Dealroom →. The funding lands as transaction volumes across its platform hit record levels.
Why now? Annualised grocery gross merchandise value (GMV) across the platform now exceeds £150m. Rising volumes gave the Scottish scaleup the footing to raise debt rather than dilute equity.
What's the endgame? Snappy Group operates the quick-commerce marketplace Snappy Shopper alongside retail technology products including order aggregation and white-label services. The facility will fund expansion across both its marketplace and technology platforms.
The signal: Venture debt remains a route for revenue-generating scaleups to fund growth without giving up ownership. For Snappy Group, backing from a high-street lender signals the business has reached a scale that mainstream finance is willing to support.
Read more: thebusinessdesk.com
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